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BFCSA
MORTGAGE
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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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Led by award-winning consumer advocate Denise Brailey, BFCSA (Inc) are a group of people who are concerned about the appalling growth of Loan Fraud around the world. BFCSA (Inc) is a not for profit organisation in the spirit of global community concern and justice.

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Subscribe to this list via RSS Blog posts tagged in 36 Australian lenders
  by Amy Rosenfeld | 17 Dec 2013 AB News:  Bank bashing culture unfair: Lending manager    Australian Broker News is on the Ball.....just read the comments and visit their website.  Its about time Brokers and Borrowers realise they are on the same side and the Banks/Lenders are setting everyone up......everyone with a pulse and a house including the broker families.  http://www.brokernews.com.au/news/breaking-news/bank-bashing-culture-unfair-lending-manager-182455.aspx A bank employee has hit back at the Australian "culture of bank bashing” following accusations ASIC is not doing enough to stamp out fraud in lending institutions.  Last week, Australian Broker reported ASIC has vowed to crack down on fraudulent brokers, and is currently investigating 20 cases of mortgage fraud. Many readers strongly supported the move from ASIC to take down the “rogues” in the industry, but highlighted an apparent disparity between ASIC’s stance regarding fraud in lending institutions compared to fraud in brokerages. The lending manager, who wished...
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  • Denise
    Denise says #
    The time to approach all the radio shock jocks, the documentaries, the editors etc is mid January when the EP's are back at work..
  • doyla66
    doyla66 says #
    members........ email all the current affairs programs your story. email all the radio stations your story. email your local newsp
  • doyla66
    doyla66 says #
    TELL EVERYONE YOU KNOW................. WE NEED A ROYAL COMMISSION IN THE BANKING & FINANCE SECTOR Every single parent will say "
  • doyla66
    doyla66 says #
    WAKE UP ASIC, FOS & COSL.......... you are all in this SHAM together.... "the great australian dream" you are destroying our count
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..watch CBAs slight of hand while it changes loan information and unlawfully takes people's homes - if you or I did that it would be fraud and theft - with the CBA it's standard practice, beyond the law BUT every shareholder of CBA is guilty of condoning the banks behaviour - time they started asking questions - otherwise they are guilty by association - innocent people are losing their homes, their health and there future by fraudulent bank behaviour. ASIC sits like the three dumb monkeys, seeing evil, hearing evil and doing nothing!!!    Ed:  If you are a shareholder and you read stories of fraud in the Bank you have invested in.....what do you think is going to happen NEXT when the whole industry comes under a ROYAL COMMISSION???? LOST HOMES not your problem????  Its everyone's problems including the next generations who may wish to buy a home at some...
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  • doyla66
    doyla66 says #
    “Fairness” RG 139.110 “We believe a scheme’s complaints/disputes handling and other procedures must accord with the principles of
  • doyla66
    doyla66 says #
    Having 3 actions against 2 different banks currently in the FOS system, we have been surprised at the two different methods of ha
  • doyla66
    doyla66 says #
    ABC news yesterday: There is an increase in mortgage defaults, and also an increase in homelessness of aged people! So far the pre
  • doyla66
    doyla66 says #
    We are seeing the greatest con in our country's history being played out right in front of our eyes. Joe Hockey is encouraged by t
  • doyla66
    doyla66 says #
    Well said, Jill. It looks like the lack of appropriate action by government will result in people eventually taking the Law into t
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RAMS submission to Financial System Inquiry Australia 9th September 1996.  page 14 "The financing of housing through the securitisation of mortgage loans into mortgage - backed securities (MBS) is a complex but growing technique that was introduced to Australia in the late 1980s following several years of development in the United States." page 15 "Despite significant obstacles to securitisation there was a clear demand from borrowers for new approaches to mortgage lending and a growing pool of investment funds that needed new fixed income alternatives.  The vested interests of the banks in continuing the old ways of lending gave rise to market opportunities for new non-bank institutions. In general, these underlying market conditions have changed dramatically, except for the continuing absence of agencies like FNMA, and the environment has become quite hospitable to the securitisation of mortgages as well as other financial assets." On page 26 "With the deregulation of financial...
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  • doyla66
    doyla66 says #
    comments IS THIS AVAILABLE IN AUSTRALIA? #1 kowhai 2011-02-21 19:30 Great study material. A man in the states gets
  • doyla66
    doyla66 says #
    Hi Arree, Not entirely sure if the point of your post is that lenders fund their next round of loans from the sale of their previ
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Adult guardianship
FOS now recognise "mental illness" as a category on their application form. Does this entitle complainants to additional assistance or other concessions during the dispute resolution process? Should being a mental health client entitle complainant borrowers to demand better or more appropriate conduct from Bank staff - either during the dispute negotiation or even as a component of their complaint? Should Banks and other lenders be disciplined by FOS for the impact of their conduct on the health and well being of disabled borrowers? FOS Accessibility Guideline - fos.org.au/public/download.jsp?id=17940 (download) FOS Helpful Links - http://fos.org.au/centric/home_page/resolving_disputes/helpful_links.jsp Mental Illness - search results - http://fos.org.au/centric/home_page/search_results.jsp?orderby=rank&rpp=10&rst=all&str=mental+illness&type=and&xcid=181 It would be very interesting to know whether complainants are ticking the box for Mental Illness and if so how many ie what percentage.  Also what does FOS define as Mental Illness - do complainants require proof from a medical practitioner?      The following ABC Radio Program is...
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20 September 2012 Page 1 of 11 SENATE ECONOMICS REFERENCES COMMITTEEInquiry into the post-GFC banking sector Questions on Notice taken by ASIC at the public hearing on 8 August 2012 Question 1 (Hansard Ref: p. 55) Senator CAMERON: When you say ASIC will act on issues if they are raised, theevidence we had from the previous witness [Denise Brailey] was thatcorrespondence had gone to ASIC seeking some support on the FirstMac andStreetwise issues and no support was forthcoming. Is that correct? Mr Kell: I am not in a position to comment on individual matters. What I can sayis that ASIC had some complaints brought to it about low doc loans. Theseinstances have almost exclusively, from my understanding, all concerned loansmade prior to the GFC and prior to the introduction of the national consumercredit protection regime in July 2010. In some cases they involve matters where afinance broker has been charged by...
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  • doyla66
    doyla66 says #
    If the bank or broker was part of this false bankurptcy this is jailable offence. Jail those corrupt bankers & brokers.
  • doyla66
    doyla66 says #
    Lying to Parliament is a CRIMINAL OFFENCE. The liars must be prosecuted. Justice must be upheld
  • doyla66
    doyla66 says #
    ASIC just keep on being the "Willbees" who will wait until someone else gets the ball rolling before they issue any statements tha
  • doyla66
    doyla66 says #
    I have had two rejects of action from ASIC over fraud considering the fact of the statement made by the chairman of ASIC: Mr. Gre
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Pat McConnell
Justice Steven J. Rares was blunt when he handed down his judgement in the long-running class action, Wingecarribee Shire Council vs. Lehman Brothers Australia, last week. Grange Securities, a subsidiary of Lehman Brothers, had engaged in “misleading and deceptive behaviour” in promoting sub-prime derivatives…Author Pat McConnell Honorary Fellow, Macquarie University Applied Finance Centre at Macquarie University Disclosure Statement Pat McConnell does not work for, consult to, own shares in or receive funding from any company or organisation that would benefit from this article, and has no relevant affiliations. The Conversation provides independent analysis and commentary from academics and researchers. We are funded by CSIRO, Melbourne, Monash, RMIT, UTS, UWA, Canberra, CDU, Deakin, Flinders, Griffith, La Trobe, Murdoch, QUT, Swinburne, UniSA, UTAS, UWS and VU. Articles by This Author 18 September 2012 Protecting taxpayers from systemic risk should be at the heart of APRA changes 13 September 2012 Debunking the myth of...
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  • doyla66
    doyla66 says #
    Do financial planners need more education about financial products and/or is there a requirement for them to have continuing profe
  • doyla66
    doyla66 says #
    Judge Rakoff: "regulator's policy of settling by allowing[banks]to neither admit nor deny allegations “did not satisfy the law”. H
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Thankyou to Denise and all BFCSA members, workers, staff, committee, friends and supporters around the world! A special thankyou to Denise for her assistance and ideas in this post. She is one very special person.   It's time for a "big push" to get our voices heard in Canberra :) PLEASE GET YOUR PENS OUT - IT'S LETTER WRITING TIME! - BIG TIME THIS TIME! The Australian Senate Inquiry into Post GFC Banking is due to issue a report on 31st October (less than three weeks away). The report will be a public document viewable on the Senate website. Now is a very good time to lobby politicians from the hearings if you want changes made as they will be discussing and preparing the report over the next few days/weeks: Please pass the word on to everyone you know. A non-partisan solution (minus the politics) is needed. Please encourage the Senators...
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  • doyla66
    doyla66 says #
    I hope they are too, Honesty. Our Senators and other politicians have a unique opportunity to get a feel for the borrowers' situa
  • doyla66
    doyla66 says #
    Lisa this is a well informed written piece, hopefully the Senators and all Politicians are reading these blogs.
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For years Gadens have had the lion's share of the action in the Australian Mortgage Fraud. It is a matter of public record that they have defended the perpetrators of Fraud, orchestrated the bullying and repeated efforts to intimidate blameless and innocent home owners and witnesses to the Court hearings all in the name of "Justice" - and been allowed to get away with it by some of the "bank blinded" Australian judiciary! If you'd like a few samples of Gadens' handiwork on behalf of NAB, Bank West, Ing and others use the BFCSA blog search engine or see austlii.edu.au Gadens aren't the only lawyers willing to do this type of work.  After all this BANK SCAM has been going on for years under the watchful eye of both major Australian Political Parties. All borrowers and BFCSA members should check their documentation and report in with a list of all legal...
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  • doyla66
    doyla66 says #
    Sorry Gaby - I worded that wrong. I was just actually was refering to our case only and the issues that have arose from it. As exp
  • doyla66
    doyla66 says #
    We have now two law firms. (There is five in the group- so have spilt it up). One barrister via one firm use to represent the bank
  • doyla66
    doyla66 says #
    You can add HWL Ebsworth Lawyers and Leonard Legal, both from Melbourne to the list
  • doyla66
    doyla66 says #
    Gadens execs are very short sighted. Once the massive fraud, theft and corruption of Australia's banking sector really hits the fa
  • doyla66
    doyla66 says #
    Ah! but Cooper's Grace and Ward were Hunt and Hunt's franchisee in Brisbane,in 2006 Hunt and Hunt dropped them,one has to wonder w
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David Collyer was right. Denise's evidence and assertions are based in many years' research. There is no room for speculation in the black and white of her evidence. It's FRAUD. What is more it is intentional, premeditated and well organised systemic fraud. How can the regulators and the politicians deny the facts and keep their credibility? They can't. Further evidence has been revealed since the initial hearing at the Senate Inquiry. It underlines the even greater need for a Royal Commission. The Australian public want the truth. Investors want the truth. Borrowers want the truth. Our international reputation is also under scrutiny. Surely it is part of the job description of any chief regulator or parliamentary representative to supply informed, well-researched answers not off the cuff comments based on assumptions and their own opinion in order to protect their jobs! They are paid handsomely to supervise and ensure the stability our...
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  • doyla66
    doyla66 says #
    Thankyou Carol, Andy and Peter. Our parliament is handicapped by the past and by their party political histories. Those days are
  • doyla66
    doyla66 says #
    What an Increditable post Lisa, every one of our weak and gutless politicians,heads of APRA, ASIC,COSL, FOS and Federal Police sho
  • doyla66
    doyla66 says #
    Watch this Space: Vote[1]LisaMartin Vote[1]DeniseBrailey - perhaps sit opposing sides "broom the middle"(save the worthy/repentant
  • doyla66
    doyla66 says #
    Politicians and bank executives take note: KNOWING & FAILING TO ACT IS A FAR GREATER CRIME. If you work in a bank and can provide
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Posted by on in Consumer Protection Disaster
Essential consumer warnings about borrowing from Australian lenders. Protect your rights, your home and your peace of mind. http://www.bfcsa.com.au/index.php/resources/need-a-loan (Check tab: Resources: Need a Loan?)...
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  29 Jun 2012 - Good reading and video at: http://barnabyisright.com/2011/06/29/rba-says-our-banks-are-stuffed-in-other-words/#comments   Yesterday, RBA Assistant Governor Guy Debelle indulged in some MOPE.   Management Of Perceptions Economics.   Lies, deceit, and propaganda, in other words.   But for those with an ear to hear, and an inclination to check the “authorities’” claims, what he really did – unintentionally – was to give us a heads up.   That our Too Big To Fail banks (TBTF) are going to get bailed out, sooner rather than later.   Go grab a modest quantity of your favourite beverage, and settle in.  You are about to learn – in detail – why we cannot trust a word the banksters say.   Ready?   Now as expected, the mainstream press all lazily parrotted the “everything’s fine, move along, nothing to see here” headline that Mr Debelle wanted. Here’s a good example, from the nations’ “premier” newspaper:...
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  • doyla66
    doyla66 says #
    "why is the Australian taxpayer on the hook to backstop the banks?.." Why not change this scenario around in favour of the tax p
  • doyla66
    doyla66 says #
    Lisa, 'you're a woman after my own heart', but would you be employable to the press? Hmm, let me think......computer says, "no" r
  • doyla66
    doyla66 says #
    A big read Lisa. Keep them coming.
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I rise tonight to talk about what I consider to be the greatest oxymoron in Australia at the moment—that is, ethical banking. I wish to relate some of my experiences during the early 1980s when my family were involved in a foreign currency loan in Swiss francs. We drew down the loan in January 1985. Shortly after that, we saw the depreciation of the Australian dollar. There was only one way to protect yourself from those loans and that was to hedge your loan. I went to my bank manager, Peter Neil—a good man who lives out here near Goulburn these days—and requested that I hedge my loan. He informed me that I could not, that that would change our currency and you could do that only at rollover periods. The rest is history because Mr Neil was wrong. The bank had not trained their staff properly and it led to...
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  • doyla66
    doyla66 says #
    Bank Managers,used to be pillars in the community,revered, respected.Mr Williams by virtue of the fact your bank manager never sig
  • doyla66
    doyla66 says #
    You're right about banks being sales, sales, sales. That's what happened in the US as well. I've read about and listened to inter
  • doyla66
    doyla66 says #
    Honesty, my guess is that the bank manager would have been told by the bank legal people not to sign his statement.
  • doyla66
    doyla66 says #
    You are a good man for speaking the truth Senator John Williams. I urge all politicians to support him and have the integrity & m
  • doyla66
    doyla66 says #
    Thnak you Senator Williams you give us hope!
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"A Royal Commission into the Australian Banking Sector is our democratic right. To deny us that right is truly unAustralian."   There are many strong arguments in favour of holding a Royal Commission into Banking with wide terms of reference.  One of the side effect of the Royal Commission is its capacity to bring the issues into every Australian home through the main stream media. This in turn will generate far greater awareness of the serious anomalies and inherent risks within the Australian Financial Sector. It may also answer the questions for so many Australians whose lives have been smashed by the deregulated "free market" Australian Financial Sector, directly and indirectly, including the big ones: Why weren't we told? How could this be allowed to happen in Australia? Consumer protection isn't for just for the elderly - it benefits all Australians. We've been badly misled by those entrusted to protect us,...
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  • doyla66
    doyla66 says #
    Yes, infestation of "Mainstream" banking Full-Doc products must be a game changer & raise the necessary eyebrows , if not, the cur
  • Denise
    Denise says #
    Thanks for your kind thoughts Hugh. I met with Geoff in Canberra and also other members and they support our efforts and our peti
  • doyla66
    doyla66 says #
    Hi Denise & BFCSA Members, Why not join forces with Unhappy Banking, link together to call for the Royal Commission? More Support
  • doyla66
    doyla66 says #
    Good idea Hugh. UNHAPPY BANKING also has good evidence about the BANKS FRAUDULENT activities.
  • doyla66
    doyla66 says #
    Hi Denise & BFCSA Members, Why not join forces with Unhappy Banking, link together to call for the Royal Commission? More Support
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        I'm wondering how many of our political representatives, people in regulatory organisations, key personnel in industry representative groups and superannuation funds have invested in Residential Mortgage Backed Securities? Or banks?  How would most people know where their money was invested when they give it to a fund manager, MIS or superfund scheme?  It would stand to reason that people in powerful positions could be influenced by their investments and self-interest.  Is it possible that any of them received RMSB investments as 'gifts' from the banks? Is it possible that any of them have no idea, forgot to look or failed to declare their or their company's, family's, trust's investments in RMBS?   I understand there is a register of the assets and investments held by our parliamentarians. Does anyone know where to find it? Is this open for public viewing?  How does this essential area of transparency and...
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  • doyla66
    doyla66 says #
    I laughed quite a lot at that picture - it is simply terrific - says it all doesn't it
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